On Tuesday, I gave evidence to the House of Commons' Business and Enterprise Select Committee on issues surrounding the current credit environment for SMEs and going concern uncertainty.

The hearing was a valuable and timely opportunity to build a greater understanding around some of the issues that have dominated the policy and media debate over recent months. In this high profile forum, and in the context of a volatile policy environment, the ICAEW presented the balanced view of our membership and imparted our expertise on small business finance, wider corporate finance, financial services, tax, audit and assurance issues.

In particular, I presented the issue of going concern uncertainty in 2008 year end reports to the committee and highlighted the distinction between modified and qualified audit opinions. The committee examined the issue in some detail and, during the hearing, the representatives of the small business bodies and the banks publicly recognised its importance.

On the same day, I was also interviewed about my evidence on the Today programme, Radio Five Live's Wake up to Money and the BBC News Channel.

Business and Enterprise Committee hearings are closely monitored by policy decision makers and media commentators. The committee’s consideration of going concern together with the media coverage we have had on the subject are enormously positive developments in our overall effort to improve understanding and awareness about 2008 year end reports.